At Oracle RMS we are here to provide you with the right commercial coverage for the right price. As an independent Brokerage, we are not tied to just one insurance company. We have several insurance carriers we can shop with, to make sure you get the very best policy for the lowest rate.
Request a quote for a commercial insurance package right for your business, or contact us to speak directly with one of our representatives who will gladly provide more information.
- Your time is valuable so we do the comparisons for you, finding you the best price first
- With a long history serving the commercial sector, we understand your insurance needs
- Receive personalized service from your own insurance broker and service representative
- We insure for property, general liability, business interruption, among other services
- We work with you to design the perfect coverage package specific to your business needs
- Whether you operate a small family business or a multi-location operation, we can help
Please make sure you have the following information at hand:
- Your full address
Commercial Insurance Toronto
Toronto is Canada’s largest city and the fourth largest in North America. Toronto is a global center for business, finance, arts and culture. At its heart, the financial district is densely composed of Canadas’ top companies and corporate headquarters. These businesses and thousands more across the GTA can operate daily partly in thanks to their insurance coverage. Accident, liability and many other forms of coverage allow business to operate without the fear of liability suits or costly accidents which can be a large financial burden.
Commercial insurance is insurance that protects businesses from a large range of contingencies that could result in significant financial loss. From employers’ liability to professional liability; from third-party liability to physical damage; from property damage to bodily injury, commercial insurance offers protection for businesses against potential losses and claims that could, in some cases, lead to their demise.
Is commercial insurance necessary?
Despite the importance of commercial insurance, statistics show that approximately 40% of Canadian small businesses are not insured at all. This could be due to several misconceptions: that businesses can protect their assets without commercial insurance, that insurance is expensive and businesses simply cannot afford it, or that people who run small businesses from their homes are already covered with home insurance and think this is enough.
The truth is that unforeseen circumstances can leave businesses facing large debt. These circumstances include natural disasters, on-the-job injuries, freak accidents, and even business fraud. In the event of any of these occurrences, commercial insurance can prove essential to the survival of the business.
For example, natural disasters can be extremely costly to a business. If a wildfire burns a business to the ground, the business owners may find themselves suddenly bankrupt if they are not insured against this type of loss. Other natural disasters that threaten a business include earthquakes, floods, and even sewer backup damages. In the event of on-the-job bodily injury (BI), businesses are responsible for the actions of their employees: the business is automatically liable in the face of potential accidents, which can be costly when not insured. Even something trivial like a postal worker who slips on a patch of ice on his way to deliver a parcel to your business can be tremendously costly. These kinds of physical injuries can cause substantial financial loss for the business if they are not insured against them, especially with the growing trend of litigious behavior. Even business scams can be protected against, whether the threat is internal (employees siphoning money) or external (fraudulent phishing emails that lead employees to share sensitive information about the business). Essentially, commercial insurance ensures that businesses are covered in any such event and can continue to be financially successful in the wake of costly accidents.
In addition to providing financial coverage, commercial insurance can be beneficial in other aspects. For instance, the Insurance Bureau of Canada says that the businesses who simply pay into commercial insurance premiums can gain the upper hand in the event of an issue, since courts are generally more sympathetic and give the benefit of the doubt to injured claimants who have insurance versus those who do not.
To get the most out of your commercial insurance plan, it is important to ensure that your insurance deductibles are relevant. The purpose of commercial insurance is for businesses to receive adequate coverage for potential issues without overpaying for them, and to pay for the substantial losses rather than the minor ones. The business must utilize risk management and weigh the most likely contingencies, then choose a plan that protects against them. The deductible in your commercial insurance plan is the amount for which you are self-insured, and deductibles ensure that premiums stay low. Generally speaking, the higher the deductible you choose, the lower your annual insurance premiums will be.There are also insurance policy limits. When shopping for a commercial insurance plan, it is important to take the following factors into consideration to define policy limits:
- The overall cumulative value of the commercial property.If your business was destroyed in a natural disaster, how much would it cost to rebuild the structure and replace your belongings?
- Your potential liability exposures. Property is not the only thing that insurance covers. Insurance can also provide protection in the event of a lawsuit, as it can pay for legal fees and potential damages if you’re found to be liable for a person’s injuries and/ or damage to their property. Some businesses have greater liability risks than others. For example, a bar or club that serves alcohol is more vulnerable to potential lawsuits and therefore requires higher liability limits than a home business.
- Past losses. It is also important to take into consideration your ‘claims history’ when deciding on a commercial insurance plan or filing new claims.
Stay up to date
Once you've decided on an insurance plan, it is important to continually update your insurance policy to adjust it to your business’ growing needs. It is essential to continually review your policies because changes in size and even type of business can result in a necessary change in policy, lest you find yourself paying unnecessarily premiums for outdated coverage.
Business owners, especially those who own smaller businesses, often assume that commercial insurance is too expensive and does not offer enough return-on-investment potential to be worth paying for. The reality is that it is far more prudent to prepare for any potential contingency by investing in commercial insurance and practicing risk management. In the event of a natural disaster, employee injury, freak accidents or even fraud, your business will be protected. Though there are many factors in finding your ideal policy, the best way to ensure you find the best coverage without overpaying is to shop around and compare rates prior to committing.
The bottom line is that commercial insurance must be one aspect of your emergency preparedness plan for your business and must be continually updated in order for it to remain effective. Insure now and thank yourself later.
Please follow the link above to get your quote
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